Jamaica’s Long-Term Foreign and Local Currency Issuer Default Ratings has now moved up to B+, indicating a positive outlook for the country and a reduced likelihood of going into debt default. Fitch says the positive revision is linked to the country’s progressive debt reduction despite the pandemic shock, as well as economic stability linked to local institutional frameworks and favorable […]
According to Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, no new taxes will be introduced to finance the Government’s $1 trillion budget for the upcoming fiscal year. “We have not introduced any new taxes for the people of Jamaica,” and the eighth year, “where we have had no new net taxes,” said the Minister. On […]
Jamaica’s tourism industry continues to figure consistently in Jamaica’s post-COVID-19 economic recovery. Data from the Planning Institute of Jamaica (PIOJ) shows that the ‘Hotels and Restaurants’ sub-group, which largely captures tourism-related activities, grew by an estimated 23.4 percent for the October to December 2022 quarter on the back of several positive outcomes. Speaking during the PIOJ’s quarterly media briefing on […]
The dining experience for persons transiting Jamaica’s biggest tourist gateway, the Sangster International Airport (SIA) in Montego Bay, is being touted to become an unforgettable one with the pending opening of the world’s first Bob Marley-branded restaurant, dubbed ‘Bob Marley – One Love’. An elated Tourism Minister, Hon. Edmund Bartlett, tells JIS News that travelers globally have been awaiting the […]
The Executive Board of the International Monetary Fund (IMF), on Thursday (March 2), approved funding of approximately US$1.7 billion for Jamaica under its Precautionary and Liquidity Line (PLL) and Resilience and Sustainability Facility (RSF). Under a 24-month arrangement, the country will receive US$968 million from the PLL, as insurance against risks from higher commodity prices, a global slowdown, tighter-than-envisaged global […]
Jamaica’s debt stock decreased over the 12-month period between March 2022 and February 2023. Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, advised that total public debt fell from $2.18 trillion in March 2022 to $2.16 trillion last month. He provided the update during Wednesday’s (March 1) meeting of the Standing Finance Committee of the House […]
Jamaica’s Prime Minister, Andrew Holness, has called for deepening tourism and trade integration between the Caribbean and the African continent. In a recent address at the opening ceremony for the Global Tourism Resilience Conference 2023 at the University of the West Indies (UWI) Mona Campus, Mr. Holness argued that African and Caribbean tourism trade presents opportunities for both regions to […]
The average annual export of Jamaica’s fresh produce industry is approximately 34.5 million kilograms (kg), with estimated earnings of US$78.32 million. Currently, Jamaica exports to more than 30 countries worldwide, with the United States of America (USA), Canada, the United Kingdom, and the Cayman Islands being the most important markets for Jamaican produce. “Yam export is a significant contributor to […]
Jamaica’s Government made history with a trillion-dollar national budget set for the fiscal year 2023/24. Finance and Public Service Minister Dr. Nigel Clarke tabled the historic Estimates of Expenditure for the fiscal year 2023/24 in the House of Representatives Tuesday afternoon. The budget’s largest single item of expenditure is the $338 billion for wages and salaries for public sector employees. […]
Jamaica’s presence at the recently concluded international trade fair in Spain has reaped tremendous benefits for the island’s recovering tourism sector, says Minister of Tourism, Hon. Edmund Bartlett. In an interview with JIS News, Mr. Bartlett said the visit by a high-powered Jamaican delegation, which included Director of Tourism Donovan White and Chief Strategist and Senior Adviser in the Ministry […]
